Albuquerque is on Moody’s List of Successful Cities
Albuquerque- The City of Albuquerque is one of only 34 of the largest municipalities receiving a positive review from Moody’s Investment Services; confirming the City of Albuquerque’s fiscal responsibility during the recovery. The summary of the report states:
“During and in the wake of the US recession, many large local governments in the country have proven just how resilient their credit quality has been to the systemic economic downturn and other challenges such as pension underfunding. In fact, 34 of the 50 largest US cities have either improved or maintained their credit quality, as measured by our general obligation and issuer ratings, since the onset of the Great Recession. The most recent report, published last week, refers to Albuquerque as one of those 34 as ‘successful cities’… The inherent economic strength and effective financial management of these successful cities supported their resiliency since 2008. Successful cities’ strong financial management supported revenue growth and improved reserve positions.”
The report zeroes in on the City’s credit rating and overall financial wellbeing, a reflection of good fiscal management by City leaders. Mayor Richard J. Berry mentioned several of these positive findings during his State of the City Address, on Monday, November 17.
“We have worked diligently to bring fiscal responsibility back to City Hall. We have also been able to save taxpayers more than $22 million as a result of our efficiency, stewardship and accountability program that we started in my first term. And through continued fiscally prudent management, this year we have bolstered our general fund reserves by $800,000, marking the fourth consecutive year of growing these reserves. This good news is in addition to Moody's recent upgrade of our city outlook, which means that we are in a position to save taxpayers money on our municipal bond rates,” said Mayor Berry.